Bitcoin Below $8,000 As SEC Delays Decision on Bitwise ETF

The approval of a regulated crypto derivative this year is now looking far less likely, as the US regulators have once again deferred its decision on whether to approve the Bitcoin ETF proposed by asset manager Bitwise.Per an official document published by the Securities and Exchange Commission (SEC), the new deadline to review Bitwise proposal has been shifted to undisclosed date, as the agency needs more time to review the potential rule change further.Discover Barcelona Trading Conference – A Top Tier Crypto Trading EventCryptocurrency markets fell as a result.

At this level, it had declined roughly five percent from its intra-day high of $8,335.There are a number of applications underway to get a bitcoin ETF listed, but so far none have been approved by the SEC.

The first was blockchain technology company SolidX which filed with the SEC in collaboration with money management firm VanEck.While some had argued that the proposal from New York-based VanEck, the ninth biggest ETF provider, was more likely to gain approval thanks to its plans for a high minimum share price, the US regulators have once again rescheduled its decision back in December.

One month later, VanEck shelved its proposal for the coveted bitcoin license.